What is Alliant home equity line of credit and what type of services do they offer? The Alliant credit union has been around for a long time now, more than 85 years and it has grown into one of the largest known credit unions in the United States.
Alliant Home Equity Line Of Credit
Currently, Alliant credit union has more than 600,000 members and a whopping $9.1 billion in loan totals. The lender is headquartered in Chicago and it serves its member across the United States. The lender does most of its operations online but it also has more than 80,000 surcharge-free ATMs all over the nation.
Its members can easily get access to their online accounts just about anytime they want. Customer care representatives of this company also can be reached 24/7. Alliant generally offers a series of financial services and products of all kinds to its members and this is inclusive of home equity lines of credit or simply HELOCs.
In order to apply for its home equity product, you must be an accredited member of Alliant credit union. And to do this, you can be a current or a retired employee with one of the many businesses that Alliant partners within the United States, an immediate family member, a present Alliant member, live close to and work in one of the communities that are close to their corporate headquarters in Chicago.
The organization normally grants scholarships to teens in foster care and it only offers its HELOC in 25 states and Washington, D.C. With that being said, it is essential that you live in an eligible state before you think of applying.
HELOC offered by Alliant starts at a low APR and then lets you borrow close to 90% of the equity of your home. After all, that’s being said and you are looking for a home equity line of credit and considering becoming a member, this could be a great option for you.
Types of Fees Charged
Alliant Credit Union normally does not charge for application, appraisal, or closing fees on lines that are up to $250,000. Also, HELOCs that are over $250,000 are assessed a $1,000 flat fee.
You should also know that the interest-only option comes with a $50 annual fee after the initial year and that both HELOCs come with a $200 termination fee if it is canceled or closed within the first year. If however, you are refinancing an Alliant HELOC, there’s a $250 fee if in case the amount isn’t increased by at least $10,000.
Loan Products Offered
The Alliant lending union offers interest-only and standard HELOCs, both with variable rates that are ranging from 4 percent to 16 percent APR. Interest rates on the other hand are 0.4 percent higher for those who don’t choose automatic payments.
With that being said, Borrowers can get a HELOC with a minimum of $10,000 in credit and then a maximum of close to 90 percent of the value of the home. You should know that the minimum loan amount in Wisconsin and Washington, D.C., is $25,001.
The interest-only HELOC option has a 10-year draw period and a 20-year repayment period. And the standard option on the other hand has a seven-year draw period and an eight-year repayment period.
How to Qualify For a Home Equity Loan with Aliant
Just like other HELOCs, getting approval or approved all boils down to creditworthiness, and this is including your credit score and eligibility. The Alliant Credit Union does not disclose any of its eligibility requirements, but, however, you should expect to have a minimum credit score of around 620 or better and a reasonable debt-to-income ratio to enable you to meet its criteria for approval. Alliant lets applicants borrow up to 90 percent of the home’s loan-to-value ratio.
How to Get Started With Alliant Home Equity Line Of Credit
Members can easily apply for a HELOC with Alliant credit union over the phone or online. And in order to make the whole process quicker, members should have the following pieces of information ready and available;
- Your gross monthly income
- Your social security number
- And lastly, your employment information.
After having these pieces of information ready, you will then select a product and then enter your personal information, the details of your property, and your income. Review everything in order to make sure that everything’s in place and correct before you continue to submit.